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Gamma Holding to take further measures at Sleep Care Fabrics

26
Sep '08
As already indicated in the press release regarding the half-year results, the Belgian mattress ticking producer Bekaert Textiles, part of the Gamma Holding business unit of Sleep Care Fabrics, has been confronted with a decreasing demand for woven and a shift towards knitted products, among others caused by the stagnating housing market.

This has resulted in overcapacity in the area of woven products in Europe and has put margins under pressure. Therefore, the company intends to considerably lower its production costs in Western Europe, also in view of the increasing competition from Eastern Europe.

The intention is to close both the German branch in Münchberg and a large part of the Waregem plant in Belgium before the end of 2009. As a consequence, the existing production capacity in the Czech Republic and Turkey can be better utilised.

Should the plan be executed, Belgium will be the location for the central head office, the European sales organisation and a core competence centre for weaving and knitting, employing approximately 160 people. At this location high-quality and innovative technical products and services will be developed.

The intended measures will affect approximately 85 positions in Germany and 280 in Belgium. The social partners will be consulted on this matter shortly. Through the execution of this plan the competitive position of Sleep Care Fabrics will improve considerably, strengthening the business unit's leading position in the area of mattress fabrics.

Gamma Holding N.V.


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